What is Cryptocurrency?

The word cryptocurrency almost sounds like it’s from a science fiction movie, and maybe that was exactly the intent of whoever coined the term.

From rocket ships to robots, we live in a generation that has seen technology advance faster than ever before. The word cryptocurrency shouldn’t really be a surprise to anyone – even if it does sound a lot like living in The Matrix.

At the very core, cryptocurrency is an open, decentralized, digital form of currency. These tokens (or coins) are built around encryption which helps regulate volume (like how governments regulate the printing of money) and transfer payments (much like current banking systems do). However, and probably the most important, is they operate independently of any central bank.

These coins have no physical presence but rather a token based system where simple rules of supply and demand apply. Today that demand has reached such levels where coins like Bitcoin, Ethereum, LiteCoin (and others) have true financial value.

For some this story started years ago. For others it’s just the beginning.

We hope to hear your story one day.

Where to start?

The hardest first step of learning about cryptocurrency is often where to find information.

Check out our tools section for some helpful links including a beginner’s guide, token conversion calculator and more.

Coinstart Blog

 

Some great quotes

“The bitcoin world is this new ecosystem where it doesn’t cost that much to start a new bitcoin company, it doesn’t cost much to start owning bitcoin either, and it is a much more efficient way of moving money around the world.”

Tim Draper

“Cryptocurrency is such a powerful concept that it can almost overturn governments”

Charles Lee

“I do think Bitcoin is the first [encrypted money] that has the potential to do something like change the world.”

Peter Thiel, Co-Founder of Paypal

“Bitcoin is a remarkable cryptographic achievement and the ability to create something that is not duplicable in the digital world has enormous value”

Eric Schmidt, CEO of Google
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